There was an unusual rotation within the S&P 500, with 436 stocks ending higher and just 66 lower. It’s peculiar to see such rotations and have the index increase by only 0.50%.
Additionally, the 1-month implied correlation index rose today to 16.4, marking an increase over several consecutive days. Typically, the S&P 500 and the implied correlation index move in opposite directions. This suggests that underlying dynamics in the equity market might not be as bullish as recent days have portrayed. To this point, the S&P 500 has closed the gap from November 14 and appears to have formed a megaphone pattern, which could be interpreted as bearish. We need to be mindful of the possibility of a break lower, potentially falling below 5850.is on the verge of breaking above the highs last seen in October 2023.
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